Charlie, a sales executive with Pitt Alloy, Inc., learns of undisclosed company plans to produce a new type of alloy. Charlie lets Jim in on the news, who then tells Alex, who buys 100 shares of Pitt Alloy stock. Alex knows that Jim got the information from Charlie and that is was not publicly known. When the firm publicly announces its new product, Alex sells the stock for a profit. Under the Securities Exchange Act of 1934, Alex is most likely:
a. not liable because Alex is too far removed from the initial disclosure.
b. liable for insider trading.
c. not liable because Alex is only a tippee, not a tipper.
d. not liable because Alex traded on the basis of a material fact.
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